Lagos, Nigeria — The Independent Petroleum Marketers Association of Nigeria (IPMAN) has voiced strong opposition to the recent increase in petrol prices, which they claim is being driven by the Nigerian National Petroleum Corporation Limited (NNPCL) wanting to sell fuel to marketers at prices exceeding N1,000 per liter. This comes despite the NNPC reportedly acquiring petrol from the Dangote refinery for less than N900 per liter.
In a statement made by IPMAN’s National President, Abubakar Garima, during an interview, he highlighted that independent marketers have struggled to secure petroleum products from the NNPC since the latest price adjustments, even after making advance payments. Garima criticized the pricing strategy, which has seen the NNPC attempting to sell petrol at rates ranging from N1,010 to N1,050 per liter, well above their purchase cost.
“We urge NNPC to sell at the same rates at which they procure from Dangote to encourage competitive pricing or refund our payments,” Garima stated, underscoring the financial burden this places on marketers.
The IPMAN leader also noted that the recent price adjustments reflect a significant shift towards full deregulation of Nigeria’s downstream sector. With NNPC stepping back as the sole importer of petrol and the exclusive off-taker from the Dangote refinery, independent marketers are now positioned to directly import fuel or purchase from the Dangote facility.
“This new framework enables us to operate independently, reducing our reliance on NNPC, which previously had a monopoly in this space,” Garima explained.
The latest hike marks the second increase in petrol prices in less than two months, with current prices reported at approximately N998 in Lagos and N1,030 in Abuja. This development raises concerns about future pricing, particularly as the government continues to withdraw subsidies and faces challenges in regulating fuel supply.
Industry analysts suggest that this deregulation could lead to greater competition in the sector, potentially benefiting consumers if marketers can source and sell petrol at more favorable prices. However, the immediate effect of NNPC’s pricing strategy remains a contentious issue, with many independent marketers calling for urgent reforms to ensure a fairer market environment.
